Divorce not only ends the legal partnership between two spouses, but also it is division of property rights. When you take decision for divorce, it is very stressful time for both the parties. Before taking divorce you should mentally prepare yourself for all the division. Property division is the actual reason for messy divorce. When total assets are important for both parties, then a quick divorce is not possible.
When we talk about property division there are two primary concerns: First one is non marital property and second is marital property.
When we talk about property division there are two primary concerns: First one is non marital property and second is marital property.
- Non marital property: In non marital property, you have to kept everything separate from your marriage. You can include a personal savings account, inheritances, real estate etc.Non marital property is 100 % of yours after divorce and it is not include in your division of assets.
- Marital Property: When you purchase anything within the marriage, it is include in marital assets. The marital property also include home, if both spouses have paid for it. When you start business with your own money during the marital period, it is also considered in marital property.
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